Advisor Group’s current management team will remain in place, with Jamie Price serving as president and chief executive officer and Valerie Brown retiring as executive chairman, but remaining as an investor in the company.

“PSP partners with best-in-class private equity investors and management teams,” said Simon Marc, managing director and head of private equity at PSP. “During our joint ownership with Lightyear Capital and under the leadership of Valerie and Jamie, Advisor Group has transformed itself to deliver tremendous performance for its clients and its financial advisors.”